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Revolut Integrates SegWit Wallet For Bitcoin

Fintech Staff Writer

What Is SegWit ?

Revolut has added SegWit addresses and on-chain withdrawals and receipts, letting its users handle their Bitcoin funds without ever leaving the app. Segregated Witness (SegWit) addresses for Bitcoin transactions have been integrated by prominent fintech bank Revolut, marking a major step into the realm of cryptocurrencies.

The 15 million-strong user base of Revolut, a fintech bank, will soon have the option to withdraw and receive funds directly from their accounts using SegWit addresses and other on-chain features.

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Easier Bitcoin transactions

It is well known that this innovation, introduced in 2017, has greatly enhanced the Bitcoin network’s scalability and efficiency. The change has been applauded by Bitcoin’s 15 million users around the world as a significant step towards facilitating faster and easier Bitcoin transactions. Revolut is allowing its users to save money and save time on transactions by incorporating SegWit addresses.

Innovative bitcoin services

This action shows how seriously Revolut takes its mission to improve its users’ experiences with cryptocurrencies. By making Bitcoin transactions faster and cheaper to process, SegWit will boost the cryptocurrency’s popularity and increase its use.

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The timing of the news is also appropriate since cryptocurrencies are gaining prominence in international financial markets. With its vast user base, Revolut is shown itself to be a leader in providing innovative bitcoin services.

In addition to Revolut, we can see that a group of tech-savvy researchers from Florida International University have developed a novel way to enable Bitcoin transactions outside of the internet.

LNMesh paradigm

They have, in particular, taken use of the Lightning Network, a ‘layer’ on top of the Bitcoin blockchain that is both fast and cheap to use. LNMesh is a method that uses local mesh networks without an external internet connection, connecting devices locally over Bluetooth and WiFi.

Existing asynchronous payment techniques, in which an online node can send payments to an offline node, are different from the LNMesh paradigm. LNMesh even further proves that payments may be made while all nodes are down. Therefore, this development has the potential to dramatically increase people’s access to cryptocurrency.

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[To share your insights with us, please write to sghosh@martechseries.com]

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